Entrepreneurial Development Assignment - (Solved)

Entrepreneurial Development

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Overview of business plan .....................................................................................................3
RISK Analysis ....................................................................................................................10
Back Up plan .......................................................................................................................11
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Establishment of new business venture includes different activities such as planning,
arrangement of resources etc. The procedure of establishment starts with generation of new ideas
related to products or services. Creation of new business venture covers various aspects such as
team, opportunity and resources. It is very much important for an entrepreneur to make an
effective plan as this will assist them in successfully establishing new business. In addition to
this, an individual need to conduct the proper market research as this tacit will help them in
determining whether business will successful or not. An effective plan will aid entrepreneur in
identifying the issues as well as challenges which might running specific business.
The report will include the business proposal which will contain about the detailed
information such as resources, activities etc which are required for establishing Smart door
business. Study will define the business planning procedure which will give clear direction
related to future decisions that will help an organization in accomplishment of desired objectives.
MAIN BODY
Overview of business plan
I and my team members have worked as marketing executive for various organization got
an idea about the needs as demands of customers. In addition to this, We have conducted the
market analysis for ourselves and we have found that residential community which includes
homeowners, businesses, reenters etc. all required security products as well as smart locks.
Considering the requirement of customers in the market they have planned to establish new
business venture.
I and my team members have decided to offer people with the Smart door which consists
of special security system in it. The smart door will consist of special security system as well as
more advance technology which will provide firm an ease in attracting more number of
customers. The special feature of Smart door which will attract customer include unique face
recognition system used to open the door. System can be paired with application on the phone so
that more family members can open the door of house (Jenkins, 2018). I and my team members
considered to be as smart door business an opportunity as there is increase in number of criminal
activities in the country. Therefore, I and my team members perceives that there will high
demands for Smart door. In addition to this, other reason for establishing the smart business door
business is that there is high growth and profit in an industry. In addition to this, there are many

companies in sector which are offering similar products, but the door they are offering does not
have intelligent door lock with a face recognition system. The unique face recognition system
will be help an organization in attracting customer and in successful launch of business. It will
also help an enterprise in gaining competitive advantage in the market. The name we have
decided for our newly established business venture is ASSA Abloy. We have decided this name
for organization as it consist of initial surname of all team members. In addition to the products I
and my team members has planned to offer different services such as on site consultation, repairs
and installation. In addition to this, other products or services which will be offered by ASSA
Abloy will include surveillance system and electronic alarms. Business entity will provide
services related to the electronic access control system (Amankwah-Amoah and Lu, 2018). An
organization will also render services to banks, as bank have locking devices as well as related
hardware which requires maintenance at regular interval of time such as vault doors, safe
deposit boxes etc. Technical team in an organization repairs the door locks by dissembling as
well as examining its malfunction in parts. They also use different tools such as drills , grinders
etc for repairing the door lock. In addition to this, team in ASSA Abloy responds quickly to
emergency call from customers those who have been locked at their home or business
(Carayannis, Dagnino and Faraci, 2018). These are the extra services which is only provided by
ASSA Abloy in an industry. In addition to this, if key is lost or person who face is recognized is
absent at the home or business, then in such situation an organization provides new master key
system.
The licensing procedure which ASSA Abloy is required to undergo includes submitting
of all essential information related to the business, national background check, passing an
examination, and paying a fee to the licensing agency. According to law in UK, It will be
required by organization to keep as well as maintain business records.
The location we have chosen for establishing our company is Central London. Rationale
for choosing the specific location is to provide customers an ease in accessing the products as
well as services offered by firm. In addition to the location we have chosen for establishing our
location is near mall as most of the time during the weekends people prefer to visit malls for
shopping. It would become easier for our company to reach the target audience. The price
which will be charged by customer for smarty door will be 400 £ , this price has been set after
conducting the cost benefit analysis. The price for the services will be 50 £ . At the initial stage